Royal Mail owner International Distributions Services PLC (LSE:IDS) has recommended that shareholders accept a takeover bid orchestrated by the ‘Czech Spinx’ Daniel Křetínský.
The bid for IDS, forwarded by a newly formed company owned by Křetínský’s conglomerate EP Group and J&T Capital Partners, which is also partially owned by Křetínský, is for 370p per share, representing a 72.7% premium to the closing price on 16 April, when Křetínský first expressed interest in the group.
Kretinsky, who owns stakes in West Ham and Sainsbury’s, first tabled the bid on 17 April, leaving it until today to make a formal offer.
IDS chair Keith Williams said: "IDS has the potential to become a leading international logistics player.
“Both the IDS Board and EP are acutely aware of their responsibilities to IDS and particularly to the unique heritage of Royal Mail and its obligations as the designated Universal Service Provider of postal services in the UK."
Read more: Who is the Czech Sphinx bidding for Royal Mail?
Křetínský added: "IDS, and Royal Mail in particular, form part of the national infrastructure of the countries they operate in.
“More than that, Royal Mail is part of the fabric of UK society and has been for hundreds of years.
“The EP group has the utmost respect for Royal Mail's history and tradition, and I know that owning this business will come with enormous responsibility - not just to the employees but to the citizens who rely on its services every day."
Chancellor Jeremy Hunt warned that the takeover will be analysed from a national security standpoint should shareholders accept the offer.